Electrovaya's Infinity Battery Technology Demonstrates Industry-Leading Cycle Life at Third Party Test Lab

Batteries completed more than 9,000 charge/discharge cycles in testing at a DNV lab, with ~87% capacity retention

Results highlight significant performance advantages of Electrovaya batteries

TORONTO, ON / ACCESSWIRE / April 18, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF) a leading lithium-ion battery technology and manufacturing company, is pleased to announce that its batteries demonstrated industry-leading cycle life in third-party testing.

The batteries completed more than 9,000 charge/discharge cycles using aggressive vehicle duty cycles in cell testing at DNV's BEST Test Center battery labs in Rochester, NY, while retaining approximately 87% of their initial capacity. This extrapolates to about 14,000 projected cycles until cells reach 80% of their initial capacity. The testing has been ongoing on multiple large format 44Ah cells at a variety of charge/discharge rates and temperatures for more than three years.

"This long-term testing at DNV clearly demonstrates the significant advantages of Electrovaya's Infinity Battery Technology with respect to cycle life and longevity, even under heavy-duty conditions. In fact, the projection to more than 14,000 cycles demonstrates a performance advantage of three to five times the cycle life of a typical lithium-ion battery," said Dr. Elmira Memarzadeh, Director of Engineering Programs at Electrovaya. "This performance, when viewed through a typical passenger car duty cycle, can be approximated to more than 3 million miles before reaching end of life, if we assume an electric vehicle has a range of 250 miles per charge."

Key highlights from the test results include:

• Capacity Retention: Following more than three years of continuous testing, cells have completed more than 9,000 cycles with approximately 87% capacity retention. Testing has been completed at a variety of temperatures and charge/discharge rates.
• Projected Cycle Life: Extrapolates to about 14,000 projected cycles using an aggressive vehicle duty cycle to 80% of the initial battery capacity.
• High-Rate Charge and Discharge Rates: Testing demonstrates no unfavourable sensitivity to charge rates within the range tested (0.5-2C Rate) at room temperature. A 2C rate would be equivalent to a battery completely charged or discharged in 30 minutes. This demonstrates that the Infinity Battery Technology can handle very high charge rates with no loss in performance, a key requirement for heavy duty applications.
• High Energy Density: Electrovaya commercial cells use NMC chemistry while achieving this extraordinary longevity.
• Decades of Operation: Considering typical usage of one deep charge discharge cycle per day, the Electrovaya batteries may last decades before reaching end of life.

"For typical material handling, electric bus and energy storage applications, demands on batteries often exceed one cycle per day, thereby making cycle life a key selection criteria. Electrovaya's technology provides a significantly better life cycle cost for these intensive-use, mission-critical applications. Accordingly, our batteries also provide a significantly lower cost of ownership, even with higher list prices," said Dr. Raj DasGupta, CEO of Electrovaya.

Data provided by DNV on EV-44 Cell Capacity Retention vs. Cycle Number at RT

Charge rate changed from 0.5C to 1C after 3,025 cycles

Charge rate changed from 1C to 2C after 1,762 cycles

For more information, please contact:

Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618
[email protected]